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Del Monte Foods bulks up on pet food
Del Monte Foods Co. for the second time in two weeks has spent big money to bulk up its Pittsburgh-based pet foods operation, agreeing to acquire for $580 million the Milk-Bone brand from Kraft Foods Inc.
Earlier this month, San Francisco-based Del Monte announced it was acquiring the Meow Mix cat food line for roughly $705 million.
Milk-Bone is considered a leader in the dog snacks field, generating $180 million in revenues in 2005. The buy further bolsters Del Monte's ongoing strategy to concentrate on brand name lines that are looked to for higher profit margins and sales growth.
The company already owns the 9-Lives, Kibbles 'n Bits, Snausages and Pup-Peroni pet brands.
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